Distribution Decisions - San Juan Basin Royalty Trust will not declare a monthly cash distribution for January 2024 due to lower natural gas prices and increased production and capital costs[6] - The production month of November 2024 saw costs exceed proceeds, impacting the Trust's ability to distribute cash[6]

Core Viewpoint - Argent Trust Company, as the trustee of the San Juan Basin Royalty Trust, will not declare a monthly cash distribution to Unit Holders due to the application of net proceeds to cover excess production costs incurred from Hilcorp's drilling activities in 2024 [1] Financial Summary - The Trust reported net proceeds of $4,153,693 that would have been payable as royalty income, which will instead be applied to the balance of excess production costs [1] - The cumulative excess production costs currently stand at approximately $21,739,947 gross ($16,304,960 net to the Trust), reflecting a decrease of $5,538,257 gross ($4,153,693 net) from the previous month [1] - Hilcorp's total revenue from the Subject Interests for January 2025 was $10,152,016, comprising $10,063,934 from gas revenues and $88,082 from oil revenues [2] - Production costs for January 2025 were reported at $4,613,759, which includes lease operating expenses, severance taxes, and capital costs [2] Production and Pricing - Gas volumes for January 2025 totaled 2,689,216 Mcf (2,988,018 MMBtu), showing a slight increase from December 2024's volume of 2,669,858 Mcf (2,966,509 MMBtu) [4] - The average gas price for January 2025 was $3.74 per Mcf ($3.37 per MMBtu), an increase of $0.60 per Mcf ($0.54 per MMBtu) compared to December 2024 [4] Administrative Expenses - Trust administrative expenses for the month totaled $255,657, with an increase attributed to timing differences in expense payments [3] - Interest income of $2,038 will partially cover these administrative expenses, with cash reserves used for the remainder [3] Cash Reserves and Future Plans - The Trustee plans to replenish cash reserves to $2.0 million before making future distributions to Unit Holders [5] - As of April 30, 2024, total cash reserves were $1.8 million, and cash reserves will be utilized to cover administrative expenses until excess production costs are repaid [5] - Hilcorp's 2025 capital project plan estimates capital expenditures of approximately $9.0 million, with allocations for new vertical drill projects, recompletions, and facilities projects [7][8]

Core Viewpoint - Argent Trust Company, as the trustee of the San Juan Basin Royalty Trust, will not declare a monthly cash distribution to Unit Holders due to excess production costs and low natural gas pricing during December 2024 [1] Financial Performance - Hilcorp reported total revenue of $8,687,779 for December 2024, with gas revenues of $8,390,577 and oil revenues of $297,202 [2] - Production costs for December 2024 were $6,459,217, which included lease operating expenses of $2,751,758, severance taxes of $825,059, and capital costs of $2,882,401 [2] - Cumulative excess production costs amounted to approximately $27,278,204 gross ($20,458,653 net to the Trust), reflecting a decrease in the deficit of $2,228,562 gross ($1,671,422 net) from the previous month [3] Cash Reserves and Administrative Expenses - Trust administrative expenses for the month totaled $141,887, with interest income of $2,703.69 applied to cover part of these expenses [3] - Cash reserves were utilized to cover remaining administrative expenses, bringing the balance of cash reserves to $512,140, with plans to increase reserves to $2.0 million before future distributions [5] Production and Pricing - Gas volumes for December 2024 were 2,669,858 Mcf (2,966,509 MMBtu), an increase from 2,261,819 Mcf (2,513,132 MMBtu) in November 2024 [4] - The average gas price for December 2024 was $3.14 per Mcf ($2.83 per MMBtu), up from $2.10 per Mcf ($1.89 per MMBtu) in November 2024 [4] Future Capital Expenditures - Hilcorp's 2025 capital project plan estimates capital expenditures of approximately $9.0 million, with allocations for new vertical drill projects, recompletions, and facilities projects [7][8]

Core Viewpoint - Hilcorp Energy Company has provided its 2025 capital project plan for the San Juan Basin Royalty Trust, estimating capital expenditures of approximately $9.0 million for the year [1][2]. Group 1: 2025 Capital Expenditure Plan - The 2025 Plan includes 29 projects, with $4.0 million allocated to seven new vertical drill projects in the Dakota/Mesaverde formations [2]. - Approximately $4.5 million is designated for 22 projects focused on recompletions and workovers in the Fruitland Coal formation [2]. - The remaining $0.5 million will be used for facilities projects related to natural gas compression and other facility improvements [2]. - Hilcorp noted that the project status for 2025 may change if underlying assumptions are revised, and actual costs may differ from estimates [2]. Group 2: 2024 Capital Expenditure Overview - For 2024, Hilcorp projected capital expenditures of approximately $34.0 million, with actual expenditures from January to November totaling around $33.6 million [3]. - Of the 2024 expenditures, approximately $24.6 million was spent on two new horizontal drilling projects in the Mancos formation [3]. - An estimated $8.0 million was allocated for recompletions and workovers, while about $1.0 million was spent on facilities projects related to natural gas compression [3].

Group 1 - San Juan Basin Royalty Trust (NYSE: SJT) has benefited from unexpectedly cold weather, which is expected to drive natural gas prices higher [2] - The oil and gas industry is characterized as a boom-bust, cyclical sector, requiring patience and experience for successful investment [2] Group 2 - The analysis of oil and gas companies includes a focus on balance sheets, competitive positions, and development prospects to identify undervalued opportunities [1]

Core Viewpoint - Argent Trust Company, as the trustee of the San Juan Basin Royalty Trust, will not declare a monthly cash distribution to Unit Holders due to excess production costs and low natural gas pricing during November 2024 [1][3] Financial Performance - Hilcorp reported total revenue of $4,880,618 from the Subject Interests for November 2024, with gas revenues of $4,752,207 and oil revenues of $128,411 [2] - Production costs for the Subject Interests were $13,139,376, which included lease operating expenses of $2,634,510, severance taxes of $597,211, and capital costs of $9,907,655 [2] Excess Production Costs - Hilcorp will charge excess production costs of approximately $29,506,766 gross ($22,130,075 net to the Trust) to the next month's distribution [3] - No cash distributions will be made until future net proceeds are sufficient to cover Trust liabilities and replenish cash reserves [3] Gas Production and Pricing - Gas volumes for November 2024 totaled 2,261,819 Mcf (2,513,132 MMBtu), an increase from 1,880,071 Mcf (2,088,968 MMBtu) in October 2024 [4] - The average gas price for November 2024 was $2.10 per Mcf ($1.89 per MMBtu), compared to $1.92 per Mcf ($1.72 per MMBtu) in October 2024 [4] Cash Reserves and Administrative Expenses - The Trustee plans to increase cash reserves to $2.0 million before any future distributions to Unit Holders [5] - Trust administrative expenses for the month totaled $113,093, with interest income of $3,497 applied to cover part of these expenses [3][5] Compliance and Auditing - The Trustee continues to engage with Hilcorp regarding accounting and reporting, with ongoing audits of payments made to the Trust [6] - The Trust's auditing process includes a detailed analysis of Hilcorp's pricing and rates charged [6]

Core Insights - Hilcorp reported total revenue of $3,674,540 for October 2024, with gas revenues at $3,602,210 and oil revenues at $72,330 [1] - The Trust will not declare a monthly cash distribution due to excess production costs and low natural gas pricing for October 2024 [5] - Excess production costs for the reporting period amounted to approximately $21,248,008 gross, with $15,936,006 net to the Trust [6] Financial Performance - Gas volumes for October 2024 were 1,880,071 Mcf, an increase from 1,869,291 Mcf in September 2024 [2] - Average gas price for October 2024 was $1.92 per Mcf, up from $1.42 per Mcf in September 2024 [2] - Total production costs for October 2024 were reported at $7,059,218, including lease operating expenses of $2,468,962, severance taxes of $327,389, and capital costs of $4,262,867 [1] Operational Insights - The Trust's auditing process includes a detailed analysis of Hilcorp's pricing and rates charged, ensuring compliance with operative Trust agreements [3] - The Trustee has increased cash reserves to cover Trust expenses during revenue shortfalls, with total cash reserves at $760,919 after utilizing $200,647 for administrative expenses [7] - The Trust's administrative expenses for the month totaled $204,336, with interest income of $3,689 applied to cover part of these expenses [6]

Cash Distribution - San Juan Basin Royalty Trust will not declare a monthly cash distribution for October 2024 due to lower natural gas prices and increased production and capital costs[3] - The production month of August 2024 saw costs exceed proceeds, impacting the decision on cash distribution[3]

Core Viewpoint - Argent Trust Company, as the trustee of the San Juan Basin Royalty Trust, will not declare a monthly cash distribution to Unit Holders due to excess production costs and low natural gas pricing during September 2024 [1] Financial Performance - Hilcorp reported total revenue of $2,853,533 from the Subject Interests for September 2024, with $2,651,297 from gas revenues and $202,236 from oil revenues [2] - Production costs for the Subject Interests amounted to $5,566,414, which included $2,592,399 in lease operating expenses, $362,225 in severance taxes, and $2,611,790 in capital costs [2] Excess Production Costs - Hilcorp will charge excess production costs of approximately $17,863,330 gross ($13,397,497 net to the Trust) to the next month's distribution, meaning no cash distributions will be made until future net proceeds are sufficient [3] Gas Production and Pricing - Gas volumes for September 2024 totaled 1,869,291 Mcf (2,076,989 MMBtu), a decrease from 1,922,538 Mcf (2,136,153 MMBtu) in August 2024 [4] - The average gas price for September 2024 was $1.42 per Mcf ($1.28 per MMBtu), down from $1.79 per Mcf ($1.61 per MMBtu) in August 2024 [4] Cash Reserves and Administrative Expenses - The Trustee plans to replenish cash reserves to $2.0 million before any future distributions to Unit Holders, with current cash reserves at $961,566 after utilizing $55,569 for administrative expenses [5] - Trust administrative expenses for the month totaled $59,870, with interest income of $4,301 applied to cover part of these expenses [3][5] Compliance and Auditing - The Trustee continues to engage with Hilcorp regarding accounting and reporting, with ongoing audits of payments made to the Trust, including revenues and costs [6]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Units SJT New York Stock Exchange FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report September 20, 2024 SAN JUAN BASIN ROYALTY TRUST (Exact name of Registrant as Specified in Its Charter) Texas 001-08032 75-6279898 (State or Other Jurisdiction of Incorporation)(Commission File Number) (IRS Employer I ...